Gulf Navigation Refinances Two Carriers
Gulf Navigation Holding PJSC has announced refinancing 'Gulf Mishref' and 'Gulf Mirdif' petrochemical carriers in less than a month after increasing its capital to AED 1 billion through an Initial Public Offering (IPO).
The move underlines the increasing demand for the company’s shipping services, which requires increasing its fleet capacity to meet the demand for its services in the region.
Refinancing the two carriers, Gulf Mishref and Gulf Mirdif, is an important addition to the company's petrochemical transportation capabilities. This has reflected positively on the value of the company's assets with an increase of 13% equal to AED 123 million.
Khamis Juma Buamim, Board Member, Managing Director and Group CEO of Gulf Navigation Holding, said, "Our ability to refinance the two carriers under the current global financial, economic, and shipping conditions is a testament to the significant transformation in the Group and the confidence of financiers and stakeholders in the company.”
Each of the vessels have the capacity to carry over 26,000 tonnes of chemical cargo and each of them has 29 separate tanks. The two carriers can therefore meet demands for long-haul transportation of petrochemicals and miscellaneous petroleum products.
The two vessels operate on the East Coast of the United States and the Gulf of Mexico and further trips between the West African coast and Europe. This increases the range of the markets that our specialised shipping services can reach
The company will continue to increase its assets and expand its fleet to reach to 20 vessels by 2020.